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Hong Kong shares set for flat to lower open

Source : REUTERS
Last Updated: Thu, Oct 11, 2012 18:42 hrs

HONG KONG, Oct 11 (Reuters) - Hong Kong shares are set to open flat to slightly lower on Thursday, tracking weakness on Wall Street after U.S. corporate bellwethers warned about slower global demand especially ebbing growth in China, the world's second-largest economy.

The Hang Seng Index eased 0.1 percent on Wednesday although healthy gains in locally listed Chinese shares, which ended up 0.7 percent, limited losses.

Warnings from oil producer Chevron Corp about third-quarter earnings and a gloomy forecast for aluminum demand from Alcoa Inc sent the S&P 500 to its fourth straight weekly loss overnight.

Meanwhile in Asia, Japan's Nikkei was down 0.3 percent while South Korea's KOSPI was 0.1 percent lower by 0035 GMT.

STOCKS TO WATCH:

* ING said it has agreed to sell its Malaysian insurance unit to pan-Asian insurer AIA Group Ltd for 1.3 billion euros ($1.68 billion) in cash, kicking off the Dutch group's long-awaited divestment of Asian assets.

* AIA Group Ltd recorded a 22 percent increase in value of new business to $300 million for the third quarter ended Aug. 31 with margin up 11 percentage points to 42.6 percent. For statement clicks http://www.hkexnews.hk/listedco/listconews/sehk/2012/1011/LTN20121011010.pdf

* China's Lenovo Group Ltd edged out Silicon Valley icon Hewlett-Packard Co to become the world's No. 1 PC maker in the third quarter, according to new data released by research house Gartner on Wednesday.

* Baoshan Iron and Steel, China's largest listed steelmaker, will keep prices of its main products unchanged for a second straight month in November, surprising the market that was expecting a hike given recent gains in spot prices.

* The European Commission has delayed a trade case against two Chinese telecom equipment makers, Huawei Technologies Co Ltd and ZTE Corp , also under scrutiny in the United States, easing tensions between the European Union and its second-biggest trading partner. (Reporting by Vikram Subhedar; Editing by Jacqueline Wong)




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